Paragon Insurance Holdings LLC, a Galway Holdings company writing all commercial lines of insurance, has acquired Reel Media, LLC, a insurance solutions provider for the broader entertainment and sports industries.
This acquisition, Paragon noted, is part of the company’s bid to diversify and expand into the global specialty markets.
Reel Media has created deep and longstanding carrier and reinsurance relationships with re/insurers like Allianz Global Corporate & Specialty (AGCS), Munich Re, HDI Global Specialty SE and Sutton National, among others.
These markets have supported Reel Media for many years and bring stability to the entertainment industry, which was validated during the loss cycle attributed to the pandemic.
Ron Ganiats, CEO, and co-founder of Paragon, commented: “We’re excited about the opportunity to partner with Reel Media and their key trading relationships.
“Marc Idelson and his team have built the market leading MGA in the film/TV and studio niche by attracting great talent and partnering with Allianz (AGCS), the leading carrier in global entertainment markets.
“Moreover, by harnessing their underwriting expertise, distribution network, and carrier and reinsurance relationships, to write E&S excess casualty, shell and touring, contingency, and motorsports business, Reel Media has done a great job of diversifying their business.”
“This is a great moment for Reel Media, our staff and our partners” Marc Idelson, CEO, and founder of Reel Media, said. “Paragon’s business strategy and commitments to attracting and partnering with great talent, distribution, and carrier and reinsurance partners resonated with us. Their operational and analytic capabilities will also drive business efficiencies and improvements for Reel Media and deliver value to our clients and partners.”
